TMTB: PANW yikes!; AMZN DJI add/Bezos finishes selling; 3p roundup (CVNA, W, DOCU); ADI WIX GRMN First Takes; Semianalysis pours cold water on Groq; CFLT Stifel initiates at Buy

Good morning. QQQs are down 70bps, BTC dn 2%, ARKK dn 2%, and China up 2.5%. Big story this morning is PANW miss combined with a pretty horrendous call. Bezos also done selling as AMZN gets added to DJI. Everyone waiting for NVDA print tonight (some good back and forth in TMTB chat this morning about the set up)…

Let’s get to it….

PANW -24% with slight rev beat but weak revenue and billings guide (13% below street for Apr q). Pretty horrendous call citing increased competition, weakness in Federal, pushing back medium term targets, and new GTM pricing strategy supporting bears fears.

Q3 is actually expected to shrink slightly from this q and FY24 total reduced by 200M and RPO "only" grew 20% vs. 25% last q and 29 and 33% prior 2 Q.

Stock sold off from the moment the call started as mgmt commentary only supported bears fears. Mgmt suggested growth was likely to fall below the medium target range of 17-19% provided last q before heading back in FY26, the reason being less upfront billi…